In my last blog post ‘Why Most Businesses Fail to Sell,’ I talked about the common characteristics shared by owners who fail at selling their business. In this post, I would like to discuss how you, as a business owner can run a business that is sustainable, now and in the future. How? By not giving up!
You hear about the billion dollar valuation and the company that gets purchased in movies, books and blogs but you rarely hear about the secret behind the success – the startup culture gets swept under the rug. Why? Because the fact is, it’s not very glamorous.
The bottom line is that most successful companies have gotten to where they are through sweat equity. Exhaustingly long hours and refusing to give up are the factors behind their success. They don’t whine about their problems, they just push on through!
There are hundreds, probably more of entrepreneurs/business owners that have failed, over and over again. Take Max Levchin for example. Who is Max Levchin? To know him now you would simply think of him as Mr. PayPal but he started and failed four different companies before finally establishing his highly successful online payment business.
Take a look at these stats – I’m sure you will recognize a few of the names:
- 3 times Steven Spielberg was rejected by University of Southern California, after which he dropped out to become a director.
- 26 times Tim Ferris’s book The 4 Hour Work Week was rejected by publishers
- 300 times the founder of Pandora.com approached investors before he got funding
- 400 times a National Geographic photographer shoots before getting the final image
- 1009 times Colonel Sanders was turned down when he tried selling his fried chicken recipe
- 5126 times James Dyson created failed prototypes of his vacuum cleaner before succeeding
When the cash starts running dangerously slow, your key employee gives notice and your customers are leaving in droves – persevere. Give it another try if you fail!
The success of a business is in its ability to stick around long enough, to make changes and more changes and possibly – one day – attract an investor. The fact is, just making it in the startup world is huge and on that factor alone, you should definitely consider yourself a winner.
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